Payday Loan Businesses Forced To Pay Into Education Fund

In 2009, the governor of Delaware and the legislature created a new state law which required high-interest loan businesses to pay a $1,500 annual fee per office, with the fund earmarked for public financial education.  Because of the fund, that state has awarded $500,000 in financial literacy grants to 13 nonprofit organizations. Gov. Jack Markell [...]

By |2018-11-12T18:12:38+00:00March 3rd, 2011|Pay Day Loans|Comments Off on Payday Loan Businesses Forced To Pay Into Education Fund

Three Dangers Of Online Payday Loans

We've heard a lot about the dangers of traditional payday loans and many states have clamped down on lending practices that exploit the poor and vulnerable.  But as the state and federal governments have clamped down on payday lending a new crop of payday lenders have sprung up online.  Many of these online payday lenders [...]

By |2018-11-19T20:49:15+00:00October 27th, 2010|Pay Day Loans|Comments Off on Three Dangers Of Online Payday Loans

Creating Viable Alternatives To Payday Loans

Across the country state legislators are lashing out at payday lenders because communities are being exploited and severely indebted.  But what can we do to create viable alternatives to payday loans. Let's take a look at some possible options: Second chance bank accounts.  Many debtors who depend on payday loans are unbanked. Helping the unbanked [...]

By |2018-11-12T19:23:55+00:00October 13th, 2010|Pay Day Loans|Comments Off on Creating Viable Alternatives To Payday Loans

More Communities Deny Payday Lenders Entry

As the groundswell of resentment to all things associated with debt grows, some communities are taking action to prevent payday lenders from setting up shop in their neighborhoods. Galveston City Council last week denied its finance committee chairman a permit to allow a payday loan company to operate on land he owns on the city's [...]

By |2018-11-14T19:49:44+00:00October 7th, 2010|Pay Day Loans|Comments Off on More Communities Deny Payday Lenders Entry

Dallas-Fort Worth Pastors Stand Up Against Payday Lenders

A group of Dallas-Fort Worth pastors are initiating a battle against car title and payday loan stores popping up in disadvantaged neighborhoods. The pastors are saying that the payday lenders are failing to offer anything of value to their neighborhoods and that they are little more than predators, profiting on the desperation of the poor.  [...]

By |2018-11-16T22:00:42+00:00September 24th, 2010|Pay Day Loans|Comments Off on Dallas-Fort Worth Pastors Stand Up Against Payday Lenders

Texas Seniors Line Payday Lenders’ Pockets With SSI Income

Payday lenders provided $30.3 billion in loans to consumers in 2009 via their stores and an additional $8.2 billion in payday loans online, generating over $10 billion in profits.  But many of those profits came from the social security checks of senior citizens who are struggling to repay the loans. On July 2, a 74-year-old [...]

By |2018-11-14T22:38:40+00:00August 11th, 2010|Pay Day Loans|Comments Off on Texas Seniors Line Payday Lenders’ Pockets With SSI Income

Will FDIC Pilot Program Develop As A Replacement For Payday Loans?

The FDIC announced the results of a two-year pilot program designed to help banks offer alternatives to payday loans that would be "safe, affordable and feasible." Under the test program, the FDIC worked with participating banks to help them offer loans of up to $2,500 at maximum interest rates of 36% -- instead of the [...]

By |2018-11-13T17:16:38+00:00August 3rd, 2010|Pay Day Loans|Comments Off on Will FDIC Pilot Program Develop As A Replacement For Payday Loans?

Scammers Target Former Payday Loan Borrowers

Law enforcement officials around the country are reporting that consumers who have applied for or received payday loans in the past are being targeted by scammers posing as debt collectors, federal agents, attorneys and even police officers. The scammers are targeting low-income individuals and other vulnerable populations claiming that they are trying to collect on [...]

By |2018-11-12T19:31:53+00:00July 30th, 2010|Pay Day Loans|Comments Off on Scammers Target Former Payday Loan Borrowers

Texas Legislators Consider Regulating Payday Lenders

State Representative Joe Farias has been fighting to get legislation passed that will regulate the 2,800 payday lenders in Texas and provide caps on loan interest rates which can increase up to 400% for a payday loan. "They can operate without being regulated at the city, state,  or federal level...The intent we are caring forward [...]

By |2018-11-12T18:33:16+00:00July 29th, 2010|Pay Day Loans|Comments Off on Texas Legislators Consider Regulating Payday Lenders

Payday Loans Are Banned In Arizona – Should Texas Follow Their Lead?

As of July 1st  Payday Loans stores are illegal in Arizona, should Texas follow their lead?  After years of lobbying against payday loans which are predatory by their very nature, Arizona legislators have successfully banned the practice in their state.  But unfortunately, the citizens of Texas are still vulnerable to the payday lending industry and [...]

By |2018-11-16T22:49:59+00:00July 21st, 2010|Pay Day Loans|Comments Off on Payday Loans Are Banned In Arizona – Should Texas Follow Their Lead?